I will start running NPCs in January. My husband changed jobs in the middle of last year (changing from a partnership to just an employee), so using last year’s tax return was complicated and not particularly helpful due to compensation changes, HSA/healthcare expense differences at each company, etc. Also, this new bonus income was a surprise, so as soon as we see his total compensation at the end of this year, we will be able to have a better idea of NPC accuracy.
We are behind where we should be for retirement and home equity, due to making less money in the past. We are earmarking any raise as college fund money, so there will be an increase this year in our college savings. Once we know what financial aid looks like (april 2021), we can shuffle things around to free up more cash if we really need it. But since that merit aid is likely to carry over for 4 years, we really want to maximize every penny we can get. We are primarily considering schools where we think merit puts total cost of attendance at a level we think we can afford, with our state school as a very good financial back up plan. We won’t be looking at need-only schools.